Start by preheating your oven to 350°F (175°C). This ensures that your pumpkin loaf bakes evenly.
Line the bottom of your loaf pan with parchment paper, leaving some overhang on the sides. This will make it easier to lift the loaf out of the pan later.
In a mixing bowl, sift together the all-purpose flour, baking soda, salt, ground cinnamon, ground nutmeg, ground cloves, and ground allspice. Sifting helps aerate the dry ingredients and ensures even mixing of the spices.
In another mixing bowl, combine the vegetable oil and granulated sugar. Use an electric mixer or a hand whisk to beat them together until well incorporated.
Add the eggs one at a time, mixing well after each addition. Once the eggs are fully incorporated, add the canned pumpkin puree. Mix until the batter is smooth and well blended.
With the mixer on low speed, gradually add the dry ingredient mixture in three parts, alternating with the water. Begin and end with the dry ingredients. Mix just until each addition is fully incorporated; overmixing can lead to a denser loaf.
If you're using pecans, gently fold them into the batter until evenly distributed. The pecans add a delightful crunch and nutty flavor to the loaf.
Pour the pumpkin bread batter into the prepared loaf pan, smoothing the top with a spatula to ensure even baking.
Place the loaf pan in the preheated oven and bake for approximately 60-70 minutes. To check for doneness, insert a toothpick into the center of the loaf; it should come out clean or with a few moist crumbs clinging to it.
Once the pumpkin loaf is baked to perfection, remove it from the oven and let it cool in the pan for about 10 minutes. Then, use the parchment paper overhang to carefully lift the loaf out of the pan and transfer it to a wire cooling rack.
While the pumpkin loaf is cooling, prepare the cream cheese frosting. In a mixing bowl, beat together the softened cream cheese and unsalted butter until creamy and well combined. Gradually add the powdered sugar and vanilla extract, continuing to beat until the frosting is smooth and fluffy.
Once the pumpkin loaf has cooled completely, generously spread the cream cheese frosting over the top. You can frost the loaf while it's on the cooling rack, which allows any excess frosting to drip down.
Using a sharp knife, slice the Starbucks-inspired Pumpkin Loaf into thick, irresistible slices.